I'm not a VC, but I would assume the question is not whether a venture is risky or not, but whether it is worthwhile. All startups are exceptionally risky. YC

I'm not a VC, but I would assume the question is not whether a venture is risky or not, but whether it is worthwhile. All startups are exceptionally risky. YC has already funded at least one Bitcoin startup, which is currently doing quite well for itself (Coinbase). Of all the ASICs that could be built, mining ASICs are the least risky. Their logic is simple, repetitive, and self testing. They have the highest yield and are the most flexible for binning. And cryptocurrency mining has a _long_ history of pre-sales. That effectively eliminates all risk.